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Determine the loss to be recorded on the replacement

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Question - A machinery acquired in January 1, 2017 for P8,000,000 having a useful life of 12 years. On December 31, 2020, one major part of the machine broke down and required replacement. The company does not have a reliable estimate of the original cost of this particular part but was replaced on the same date for a new part with a cash price of P1,200,000. Effective market rate applicable is 10%. Determine the loss to be recorded on the replacement.

Reference no: EM132912371

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